$DAR (Darling Ingredients Inc.)

$DAR {{ '2016-08-12T13:23:46+0000' | timeago}} • Webcast

$DAR said that at the end of 2Q16, its total debt to EBITDA ratio was 4.10 compared to a covenant of 5.50, which compares to a ratio at the end of 1Q16 of 4.41. The company's secured debt ratio was 1.78 compared to a covenant requirement of 3.25.

$DAR {{ '2017-05-12T13:52:26+0000' | timeago}} • Webcast

$DAR said the two new rendering plants which it brought on in late 2016 in Arkansas and Ohio are currently meeting expectations in terms of both cost and earnings. The company had also brought on two new wet pet food plants which are performing well. There was slight seasonality in 1Q17 but this is seeing an improvement now.

$DAR {{ '2017-05-12T13:28:54+0000' | timeago}} • Webcast

$DAR stated that the incremental EBITDA contribution from its 2017 slated projects is expected to be $15-20MM in 2018.

$DAR {{ '2017-05-12T13:12:11+0000' | timeago}} • Webcast

$DAR said the overall performance of the Food segment came in as expected. The company had solid performance in the edible fats and natural casings businesses. In the gelatin business, the European, Chinese and North American operations performed well although North America faced slight seasonality.

$DAR {{ '2017-05-12T13:00:04+0000' | timeago}} • Webcast

$DAR's Diamond Green Diesel JV completed its second major turnaround and catalyst changeover during 1Q17. The turnaround took 18 days impacting production and sales volumes. $DAR has scheduled an expansion that will increase its annual production of renewable diesel from 160MM gallons to 275MM gallons.

$DAR {{ '2017-05-12T12:49:35+0000' | timeago}} • Webcast

During 1Q17, $DAR’s global raw material volumes grew 4.3% YoY and the company saw improved global pricing across most product lines. $DAR’s earnings were impacted by an elevated SG&A due to the accounting for long-term incentive awards.

$DAR {{ '2017-05-11T20:58:38+0000' | timeago}} • Announcement

During 1Q17, $DAR's Feed Ingredients segment reported operating income of $30.8MM, up 12.6% YoY. This increase was mainly due to overall increase in finished product prices, sales volumes and higher raw material volumes. Food Ingredients operating income fell 35.6% YoY to $14.1MM, hurt by poor gelatin business.

$DAR {{ '2017-05-11T20:57:25+0000' | timeago}} • Announcement

$DAR reported an increase in 1Q17 profit, mainly due to higher finished product pricing for fats and proteins. Net income during the quarter rose to $5.8MM, or $0.04 per share, compared to $1.1MM, or $0.01 per share during 1Q16. Net sales was $880.1MM, up 13% from $779.6MM during 1Q16.

$DAR {{ '2016-12-16T00:26:49+0000' | timeago}} • Announcement

$DAR said Patrick C. Lynch will become its EVP & CAO, effective Jan. 15, 2017, reporting to EVP & CFO John O. Muse. Muse will retire from the CFO post in early March 2017 and will be replaced by Mr. Lynch as the company's EVP & CFO.

$DAR {{ '2016-11-11T14:24:18+0000' | timeago}} • Webcast

Regarding the Feed segment pipeline, $DAR said it holds a large supply of soybean oil with splendid demand. The company's animal fat production is high and the volumes are up substantially, supported by Fuel and Food segments.

$DAR {{ '2016-11-11T14:09:38+0000' | timeago}} • Webcast

$DAR's Fuel segment operating income was $6MM, up $5.8MM from a year ago, excluding the DGD joint venture. The increase was driven by the full operation of Canadian biodiesel plant. Feed Ingredients' operating income was down $0.4MM to $35.3MM, hurt by increase in depreciation and amortization and lower finished product prices.

$DAR {{ '2016-11-10T22:17:47+0000' | timeago}} • Announcement

$DAR, a producer of natural ingredients from edible and inedible bionutrients, reported 3Q16 profit of $28.69MM or $0.17 per share compared to a loss of $9.09MM or $0.06 per share last year, driven by higher earnings from DGD, higher Renewable Identification Number values and income tax benefit. Sales rose to $853.9MM from $853.8MM.

$DAR {{ '2016-08-12T14:02:14+0000' | timeago}} • Webcast

William Baldwin of Baldwin Anthony Securities asks how many gallons of diesel were sold out of Diamond Green Diesel in 2Q16. CEO Randall Stuewe said 43.8MM gallons were produced in the quarter and for 3Q16, $DAR expects to produce around 40MM gallons.

$DAR {{ '2016-08-12T13:26:00+0000' | timeago}} • Webcast

$DAR recorded income tax expense of $8MM in 2Q16, which generates an effective tax rate of 19%. The company continues to expect its effective tax rate to be approx. 23% and cash taxes of around $30MM for 2016. Depreciation and amortization remains in the $69-70MM range on a quarterly basis for the remainder of 2016.

$DAR {{ '2016-08-12T13:23:46+0000' | timeago}} • Webcast

$DAR said that at the end of 2Q16, its total debt to EBITDA ratio was 4.10 compared to a covenant of 5.50, which compares to a ratio at the end of 1Q16 of 4.41. The company's secured debt ratio was 1.78 compared to a covenant requirement of 3.25.

$DAR {{ '2016-08-12T13:15:55+0000' | timeago}} • Webcast

$DAR said its CapEx target for 2016 is $215MM and 2Q16 CapEx spend was $56MM. The company has completed construction and is starting to run raw material at its two new US rendering plants. $DAR expects to see the full impact of these facilities in 4Q16.

$DAR {{ '2016-08-12T13:11:36+0000' | timeago}} • Webcast

$DAR said for 2Q16, SG&A expenses were $76.2MM. SG&A was lower due to gains in currency hedges, mainly in the company's Food Ingredients segment. The company expects SG&A to be in the range of $81.5-82.0MM a quarter for the remainder of 2016.

$DAR {{ '2016-08-11T21:54:57+0000' | timeago}} • Announcement

$DAR said its higher 2Q16 earnings were also driven by improved margins in the non-formula portion of the company's Feed Ingredients segment and increased earnings from biofuels and fuel ingredients in the Fuel segment.

$DAR {{ '2016-08-11T21:49:39+0000' | timeago}} • Announcement

$DAR, which develops sustainable food, feed & fuel solutions from organic by-products, reported a higher quarterly profit, helped by lower costs and expenses. For 2Q16, the company reported earnings of $32.0MM, or $0.19 per share, compared to $3.1MM, or $0.02 per share a year ago. Revenue rose to $877.3MM, helped by higher pricing for global fats.

$DAR {{ '2016-05-13T14:13:18+0000' | timeago}} • Webcast

JP Morgan analyst Tom Palmer probes that in the Food segment, what areas were strong that led 1Q16 results being good and more comparable with 4Q15. $DAR CEO Randall Stuewe said the Food segment was acquired by VION and is anchored by the gelatin business and the edible fats business. The gelatin business remains robust.

$DAR {{ '2016-05-13T14:06:55+0000' | timeago}} • Webcast

Avondale Partners analyst Dan Manis questions on the forward-selling and timeline for realizing price either by end markets or breaking it down between fats, proteins and bakery. $DAR CEO Randall Stuewe said that bakery has been pretty flat. The company says somewhere between 40-50% of production heads down at Diamond Green Diesel.

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